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ProShares Sets Splits On 17 ETFs

ProShares, the world’s biggest purveyor of inverse and leveraged ETFs, is planning regular share splits on six of its ETFs as well as reverse splits on 11 other of its exchange-traded funds, the company said this week in a press release.

The regular splits will decrease share prices by increasing the number of outstanding shares. The reverse splits achieve the opposite effect—namely increase the share price by decreasing the number of outstanding shares.

With the exception of fractional shares, share splits and reverse splits don’t alter the total value of the shares outstanding. Any fractional shares will be redeemed for cash and sent to brokers of record, ProShares said.

Bethesda, Md.-based ProShares said it will conduct four 2-for-1 share splits; two 3-for-1 splits; six 1-for-4 reverse splits; and five 1-for-5 reverse splits.

All the splits and reverse splits will be effective on May 11, with the regular splits applying to shareholders of record as of May 8 and the reverse splits going to shareholders of record as of May 10.